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Concord New Energy issues make-whole call for $90 million 10¾% notes
By William Gullotti
Buffalo, N.Y., March 27 – Concord New Energy Group Ltd. intends to exercise its early redemption option for its $90 million 10¾% senior notes due Sept. 24, 2023 (ISIN: XS2192432271), according to a notice on Monday.
The notes will be redeemed in full on April 26 at par plus accrued and unpaid interest plus the applicable redemption premium.
The applicable premium will be the greater of (a) 1% of the principal amount and (b) the present value of all required remaining scheduled payments of principal and interest due through maturity, discounted at Treasuries plus 100 basis points.
The Regulation S notes were issued Sept. 24, 2020 and will be canceled and subsequently delisted upon redemption.
Concord is a wind power and solar power investment holding company based in Hong Kong.
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